Early retirement is becoming a luxury that few of us can afford. Surveys have found that a significant number of older workers are planning to delay retirement. Although that may be bad news for those looking forward to a life without work, it’s good news for the many companies that are unprepared to transfer business knowledge to a new generation of white-collar employees.

Recent Retirement Trends

A recent poll by the global consulting firm Watson Wyatt finds that 44% of individuals age 50 and above are planning to delay their retirement, as compared with only 25% of those under 40. Although the average planned retirement age for all employees is 65, 50% of those age 50 or above plan to retire at 66 or later.

"The economic crisis has affected many workers' retirement plans and nest eggs, but those nearest to retirement have been especially hard hit," says David Speier, senior retirement consultant at Watson Wyatt. "Older workers don’t have the time to offset declining retirement account values. For many of them, the only choice is to delay retirement."

The numbers bear that out. The leading reasons those age 50 to 64 listed for delaying retirement were:

• Decline in 401(k) value: 76%;
• High cost of healthcare: 63%;
• Higher prices for basic necessities: 62%.

Conclusion

If you're on the "experienced" side of the job market, take heart. Companies need your know-how more than ever before, and you're not alone in searching for career opportunity — and opportunities to share what you know.

Wishing you career success at any age!

Lauryn Franzoni
ExecuNet
www.execunet.com

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